Prongay & Murray LLP (“GPM”) announces an investigation on
behalf of Shopify Inc. (“Shopify” or the “Company”) (NYSE: SHOP)
investors concerning the Company and its officers’ possible violations
of federal securities laws. To obtain information or aid in the
investigation, please visit the Shopify page on our website at www.glancylaw.com.
On October 4, 2017, Citron Research published a report portraying
Shopify as "a completely illegal get-rich quick scheme." The report
alleged, among other things, that Shopify inaccurately described the
Company's relationship with certain affiliates, stating, in part:
"Shopify calls these affiliates 'partners.' We call them promoters
selling business opportunities." The Citron report compared Shopify's
business practices to those of Herbalife Ltd. ("Herbalife"), a company
that recently paid $200 million and agreed to an order "prohibit[ing]
Herbalife from misrepresenting distributors' potential or likely
earnings" to settle Federal Trade Commission charges.
On this news, Shopify's stock dropped $13.91, or 11.91%, to close
at $102.90 on October 4, 2017, thereby damaging investors.
If you purchased Shopify securities, have information or would like to
learn more about these claims, or have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Lesley F. Portnoy, Esquire, of GPM, 1925 Century Park
East, Suite 2100, Los Angeles, California 90067 at 310-201-9150,
Toll-Free at 888-773-9224, by email to [email protected],
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171004006477/en/